| New York State Transfer Tax | Residential…………………..$2.00 per $500.00 purchase price Including 1, 2, 3 family residential dwellings, single unit co-ops or single unit condos. | Commercial………..$2.00 per $500 of purchase price |
| Real Property Transfer Tax |
NEW YORK CITY Residential $500,000 and less 1% Greater than $500,000 1.425% MT. VERNON (The first $100,000 is exempt) Residential 1% PECONIC BAY Residential 2% (paid by buyer) Exemptions for the Peconic Bay Tax
The applicable exemption amount is subtracted from the purchase price; then calculate the 2% tax.
|
Commercial $500,000 and less 1.425% Greater than $500,000 2.625%Commercial 1%
Commercial 1% |
| Special Warranty Deed | Used in special circumstances such as the transfer of property within a family or because of a divorce | No provision for warranties or defending title. |
| Quit Claim | Used in special circumstances such as the transfer of property within a family or because of a divorce | No provision for warranties or defending title by grantor |
| Joint and Survivorship | Most married couples hold title to property in both names as tenants by the entirety. Each party has a full ownership interest in the property. The property will pass instantly to the surviving spouse upon the death of the other spouse without probate. Conveyance by one party without the other breaks the joint tenancy or may not be conveyed at all if it is considered community property. | Provision made for warranty of title by grantor. |
| Certificate of Transfer | Used to transfer interest of a decendent to a family member or spouse when the deed to title does not have ownership rights and/or there is no will. | No provisions for warranty of title by survivor- grantor |
| Executor’s or Administrator’s | Used to transfer interest of deceased party when devised in a will. | May or may not contain warranty of title. |
| Sheriff’s Deed | Used to transfer property in a foreclosure action. | Foreclosure actions wipe out all interest of all prior owners and lien holders. Deed may or may contain warranty of title. |
| *A single buyer generally takes title in his or her name alone. At a later date, a new deed may be created for tenancy in common or a joint tenancy/tenancy by the entirety if he/she wishes. | ||
